Francis Carter, CFA President, CFA Society Ireland 6th September 2017 THE CFA PROGRAM Francis Carter, CFA President, CFA Society Ireland 6th September 2017

Welcome Introduction to CFA Institute CFA Society Ireland CFA Program How will the program benefit you? What are the next steps? CIPM Claritas Candidate Survey

INTRODUCTION TO CFA INSTITUTE

CFA Institute Global, not-for-profit organisation of investment professionals Sets standard for professional excellence Founded in 1947 Over 135,000 members in 140 countries Mission: To lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society.

Five organizational pillars Ethical Champion Championing ethical behavior in investment markets. Global Community Creating a strong community of investment professionals. Industry Knowledge Being a respected source of knowledge in investment markets. Professional Excellence Raising standards of professional excellence in the industry. The Greater Good Build an investment industry that serves the interests of investors and society.

CFA Institute portfolio Ethics and Advocacy CFA ® Program Investment Foundations Program CIPM® Program Events and Conferences Educational Resources and Publications MyCFA and Blogs

CFA Society IRELAND

Who ARE CFA SOCIETY Ireland? Professional body for those engaged in portfolio management and investment analysis in Ireland Over 540 Charterholders Formed in 1986 Affiliate of CFA Institute

What CFA SOCIETY Ireland does… Foster and maintain high standards in professional excellence Encourage and assist study of investment analysis Encourage creation and interchange of ideas through Continuous Professional Development Support Candidates University Relations Employer Relations Public Awareness Advocacy

What CFA SOCIETY Ireland does… Monthly educational events Semi-annual newsletter Research Challenge Charter Awards Lunch Market Sentiment Survey Networking opportunities Facilitate Mock exams Social events

Research Challenge Local Regional Global An annual educational initiative which promotes best practices in equity research among the next generation of analysts through hands-on mentoring and intensive training in financial analysis and presentation skills. The challenge gathers students, investment industry professionals, publicly traded companies, and corporate sponsors together locally, regionally, and globally for a real world competition. Irish Universities involved in 2015-2016 UCD, TCD, NUIG, UCC, DCU, UL & Queens Irish companies to have take part include: CRH, Kerry Group, Paddy Power, Aer Lingus, Ryanair, Origin Enterprises, CPL, Hibernia REIT http://researchchallenge.org//Pages/Default.aspx Local Regional Global

THE CFA PROGRAM

What is the CFA Program? The leading investment examination programme A global standard for the profession A commitment to professional excellence and ethical behaviour A step towards the CFA charter

WHAT YOU WILL LEARN The CFA Program is offered in a self- study format and is divided into three levels of exams. I. ETHICAL AND PROFESSIONAL STANDARDS II. QUANTITATIVE METHODS III. ECONOMICS IV. FINANCIAL REPORTING AND ANALYSIS V. CORPORATE FINANCE VI. EQUITY INVESTMENTS VII. FIXED-INCOME INVESTMENTS VIII. DERIVATIVES IX. ALTERNATIVE INVESTMENTS X. PORTFOLIO MANAGEMENT AND WEALTH PLANNING

Topic coverage The Candidate Body of Knowledge

What does the program involve? Three examination levels An average of 4 years’ study Challenging exams, 2 x 3hr papers for each level CFA Institute recommends approximately 300 hours study per level Level Pass Rate Exam Format One 39% Multiple choice Two 44% Item set questions Three 52% Item set questions and essay questions

The CFA exam process Bachelor’s degree/work experience Enrolment Level 1 - June and December Level 2 - June Level 3 - June 4 years’ relevant work experience Professional Conduct Statement Join CFA Institute and apply for society membership CFA Institute member in good standing Earn CFA Charter How many years do you need if you haven’t got a degree? Is it 7? – it’s four

How well known is the program? “The CFA qualification has become the gold standard.” “Explosive growth has made the CFA global currency.” Financial Times 2010 The Economist 2005

HOW WILL THE PROGRAM BENEFIT YOU?

A PRACTICE DRIVEN PROCESS Practitioners at every step of the process Close alignment between knowledge, skills, and industry developments Ability to make sound investment decisions in ever-changing financial world

Generalist study for multiple disciplines Functional areas of our charterholders:

Benefits continue post program Continuing education: international and local events publications and research CPD suitable online learning resources Maria Kahane, CFA Paris, FRANCE

Marketing value “Pretty much all our institutional clients recognise the designation.” Ken Luce, CFA Toronto

Qualified and committed staff “Charterholders stand out from the crowd because they have demonstrated they have tenacity and are able to go through a rigorous program and study hard.” Peter Jakobus, CFA Frankfurt

GLOBAL RECOGNITION “If you want to have international recognition and mobility within the financial world, you really should consider doing the CFA Program” Zouhir Tamin-Jarkas, CFA Abu Dhabi

WITH THE CFA CHARTER, You … Will have a comprehensive investment perspective Will be current with practical investment analysis and management skills Will have credibility with industry peers Will have the flexibility to work in any market Will have demonstrated a commitment to ethics Will engage in continuous education Will have access to leading publications and research

TOP GLOBAL EMPLOYERS OF CHARTERHOLDERS

TOP EMPLOYERS OF CHARTERHOLDERS IN EUROPE, MIDDLE EAST, & AFRICA

TOP EMPLOYERS OF CHARTERHOLDERS IN IRELAND Source: CFA Institute

NEXT STEPS

Key dates – DECEMBER 2017 EXAMS 13 September 2017 Final (late) registration fee deadline 9 October 2017 Test center change request deadline November 2017 Exam admission tickets become available 2 December 2017 Exam day December 2016–January 2017 Exams graded Late January 2018 Exam results available

Key dates – JUNE 2018 EXAMS Date 20 September 2017 Early registration fee deadline 1 February 2018 Awareness scholarship application deadline 14 February 2018 Standard registration fee deadline 14 March 2018 Final (late) registration fee deadline 17 April 2018 Test center change request deadline May 2018 Exam admission tickets become available 23 June 2018 Exam day June / July 2018 Exams graded August 2018 Exam results become available.

PROGRAM Fees Indicative pricing for June 2018 exams By 20 Sept 2017 By 14 Feb 2018 By 14 March 2018 Program enrollment (new Level I only) $450 Exam registration $650 $950 $1,380 Total $1,100 $1,400 $1,830 The exam registration fee covers the cost of: The eBook (contains the complete curriculum you need to study)* An interactive study planner to guide and track your exam preparation Topic-based practice tests Mock exams A mobile study app with access to everything listed above *You may purchase a print version of the curriculum (available for a non-refundable fee of US$150, plus any fees associated with shipping)

Scholarships Access Scholarships Provides needs-based scholarships opportunities for those unable to afford the full price of the CFA Program enrollment and registration fees Waive the CFA Program enrollment fee and reduce the exam registration fee to $250 Awarded in December to be applied to exams in the following year Application must be completed by 15 September 2017 Awareness Scholarships Designated for key influencers in the academic, regulatory and media communities Reduce the CFA Program enrollment fee and the exam registration fee Online application is available from 1 March – 15 September, for exams offered the following calendar year. Women’s Scholarships New Women’s Scholarships are now available Find out more at www.cfainstitute.org/programs/cfaprogram/scholarships

Fee support from summit finuas Network Summit Finuas Networks supports businesses in the International Financial Services sector and those companies providing services to such businesses Summit Finuas Network provides up to 25% funding for the CFA Program, where the employer is paying the program fees The payment of the program fees by the employer can be up-front or in the form of a refund to the candidate on registration or on passing the exams Qualifying firms must be members of Summit Finuas Network – membership is free For more information see https://www.summitfinuasnetwork.com/

CANDIDATE SURVEY

When You Sat the CFA EXAM were you in?

HOW DID YOU FIND THE EXAM?

DID YOU TAKE STUDY LEAVE?

Was the LEAVE...?

HOW MANY STUDY DAYS DID YOU TAKE?

DO YOU THINK IT WAS . . .?

HOW MANY STUDY DAYS FROM EMPLOYEr?

HOW MANY HOURS STUDY?

YEARS Experience before LEVEL 1 Exam?

ADVICE TO POTENTIAL CFA CANDIDATES “Start as soon as possible” “put in the hours and really know the detail!” “Brace yourself! The level of commitment and application involved is huge” “Do not underestimate the difficulty of the exam, and the time needed to prepare for it” “Be aware of how heart breaking it can be” “Define working hard, multiply it by 2, then schedule your study” “Fantastic exam that gives you a great overview of the whole investment profession”

Where can I find more information? www.cfaireland.ie info@cfaireland.ie www.cfainstitute.org

CIPM ® Program

DRIVE SMARTER MORE INFORMED DECISION-MAKING TO OPTIMIZE INVESTOR RESULTS

Investment foundations program

What is the investment foundations program? WHAT IS IT? New education program designed to give everyone working with investment decision makers a clear understanding of the essential aspects of our industry. WHO IT’S FOR? The program is intended all professional disciplines in the financial services industry outside of investment roles. For example: Administration and Operations Client Services Compliance and Legal Human Resources Information Technology Marketing and Sales Media and communications

QUESTIONS?